May is the target date for ING NV to launch its US$1.2 billion shareholdings sale in Thailand's TMB Bank. The Dutch financial services giant is awaiting the conclusion of Malaysia's elections to entertain more bidders according to sources relating the matter with Reuters.
The planned share sale of the 31% stake as ING is divesting its assets to repay its 2008 bailout fund from the Dutch government. This comes also at a time when the Southeast Asia banking sector merger and acquisition activities are expecting to hit record levels in 2013.
The May launch would encourage the top two Malaysian banks CIMB Group Holdings Bhd and Malayan Banking Bhd to become part of the auction. The two banks and other bidders from the third largest Southeast Asian economy are expecting hold off any major activity until after the May 5 national elections.
There is still a need to acquire Thai central bank approval as the stake is above 48%. If the share sale is below 25%, there is still no need for central bank approval.
Join the Conversation